You are considering purchasing stock. The stock is expected to pay a dividend of $80 per share. The consensus of investors is that these dividends will increase at a rate of 2 percent per year for the indefinite future, and the interest rate is 9 percent. The price of the stock should be $ (Enter your response rounded to two decimal places.)

You are considering purchaning stock. The slock is expected to pay a dividend of $80 per share. The consensus of investars is that these dividends will increase at a rate af 2 porcent per yeur for she indefinite future, and the intervst rate is 9 percent